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A Kuwaiti absolute acreage developer is aiming to accompany a allotment of Miami to Palm Jumeirah.

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The Kuwait-listed IFA Hotels and Resorts is absolution a sixth of its off-plan residences for auction on its latest Palm Jumeirah west bow-shaped ­project aggressive by the beachfront accessories of the American Gold Coast.

The Dh1 billion, eight-storey mixed-use development will eventually affection 300 units, which accommodate two and three-bedroom apartments, townhouses and penthouses.

These units will accept a appliance accumulating advised by the affluence home capacity aggregation Kenzo Maison.

The prices alpha at Dh3 million for two-bedroom apartments, and Dh4.4m for three-bedroom units.

The residential resort is due to be completed by 2016.

Yesterday, IFA appear about 50 apartments, best of which are two and three-bedroom units.

The artifice is appropriate abutting to the one appropriate for IFA’s Kingdom of Sheba complex, which will additionally affection a residential basic alleged the Balqis Residence.

JLL said aftermost ages that the accepted Dubai acreage bazaar was “smarter” than during the 2008 balloon back prices collapsed.

More alert investors, bigger regulations and the phasing of projects in band with appeal were amid factors cited.

There will additionally be one, two and three-bedroom auberge apartments besides a presidential suite.

Called The 8, the residential resort will affection baptize action rental facilities, a gym, tennis courts, a beachfront restaurant, bank cabanas, barbeque and children’s areas and a ancestors pool. 

“We are architecture a destination,” said Khaled Esbaitah, the arch controlling of IFA Hotels and Resorts.

Pre-launch allotment began in Dubai and Kuwait yesterday. A booking accident is appointed at Fairmont The Palm on March 22.

Despite the resumption of a cardinal of projects, the developer says there is broker demand.

“Although 45,000 new residential units are appointed for achievement in Dubai by the end of 2015, alone 4 per cent of these are on the island,” said Talal Al Bahar, the administrator and accumulation arch controlling of IFA Hotels and Resorts.

The residential bazaar is accepted to abound this year, but at a lower amount of advance than aftermost year “as the amount increases apparent in 2013 are acquainted to be unsustainable”, according to a Jones Lang LaSalle address aftermost month.

Last month, the adept developer Nakheel launched 504 apartments in its Palm Tower, a 50-storey development on the block of the Palm.

The southern neighbourhoods of Dubai such as Dubai World Central and areas abutting to Al Maktoum Airport are accepted to acquaintance the best growth, according to Jones Lang LaSalle.

Dubai authorities accept adopted a alternation of measures to action the accident of overheating in the acreage bazaar while new rules accept additionally been alien to absolute lending.

In October, the UAE Central Bank disqualified that a UAE civic borrower could get a accommodation of up to 80 per cent of the amount of a acreage for homes admired at Dh5 actor and below.

That fell to 70 per cent of the amount of the home for added big-ticket properties.

For the additional house, they would be acceptable for a accommodation of 65 per cent of the amount of the property. Expatriates are accustomed to borrow as abundant as 75 per cent for backdrop admired beneath Dh5m, falling to 65 per cent for added big-ticket homes.

ssahoo@thenational.ae

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Updated: March 9, 2014 04:00 AM

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